The Dollar index remains in a medium-term bearish trend with possible target 88.50-89. Recent price action, however, is neutral as the price is trading inside a trading range between 90 and 91.
Black rectangle- resistance
Green rectangle - support
The Dollar index is still below the 4-hour cloud. The trend remains bearish. Support is at 90.20-90 and resistance is at 90.80-91. The most probable outcome would be to see a new low in the Dollar index over the coming sessions. Only a break above 91 could make me believe we have started a bigger upward correction.
On a daily basis, the price is moving sideways well below both the tenkan- and the kijun-sen. The trend is clearly bearish. First important daily resistance is at 91.35 and next at 92.10. Only a break above 92.10 will increase dramatically the chances for a bigger bounce towards 93.50-94.
The material has been provided by InstaForex Company - www.instaforex.com